London copper was marking
time near its highest since early March on Monday ahead of the
release of a spate of global manufacturing reports, underpinned
by extended weakness in the dollar and prospects of tighter mine
Supply side concerns and a weaker dollar have driven base
metal prices higher, ANZ said in a report.
Union-represented workers and management at Antofagasta’s
Zaldivar copper mine in Chile failed to reach a wage
deal on Thursday and they agreed to extend government-mediated
talks into this week.
“(That is) raising fears that strike action may disrupt
output in coming weeks,” ANZ said.
* LME COPPER: London Metal Exchange copper was
trading down 0.1 percent at $5996.50 a tonne, as of 0734 GMT,
following a 0.8 percent gain in the previous session when prices
reached $6,051, their highest since March 1.
* SHFE COPPER: Shanghai Futures Exchange copper
ended little changed at 47,760 yuan ($7,073) a tonne.
* SUPPLY DISRUPTIONS: Disruptions to copper shipments from
Canada and Chile have undermined expectations for rising global
copper supplies in the second-half of the year, cutting the
charges that smelters charge miners to process metal.
* INDONESIA STRIKE: An estimated 5,000 workers at the giant
Grasberg copper mine operated by Freeport-McMoRan Inc’s
Indonesian unit will extend their strike for a fourth month in
an ongoing dispute over layoffs and employment terms.
* HEDGE FUNDS: Hedge funds and money managers increased
their net long position in copper by 7,706 lots to 74,233 lots,
the highest since February.
* OTHER METALS: Steel-linked metals LME nickel, LME
zinc and LME lead climbed half to one percent,
with similar gains seen for those metals on the Shanghai
* PHILIPPINES MINING: Supporting nickel, the Philippine’s
President said the government would draft a new law for the
country’s mining industry, which he said pays too little in tax
and not enough to compensate for environmental damage. The
country is a major supplier of nickel ore.
* INDONESIA NICKEL: Indonesia exported 403,201 tonnes of
nickel ore in the first six months of 2017, when a complete ban
on exports was lifted, a mining ministry spokesman said on
* COMING UP: Euro zone flash composite PMI July at 0800 GMT
BASE METALS PRICES 0734 GMT
Three month LME copper 5998.5
Most active ShFE copper 47750
Three month LME aluminium 1920.5
Most active ShFE aluminium 14455
Three month LME zinc 2775.5
Most active ShFE zinc 22950
Three month LME lead 2254
Most active ShFE lead 17445
Three month LME nickel 9615
Most active ShFE nickel 78950
Three month LME tin 20130
Most active ShFE tin 146500
BASE METALS ARBITRAGE
LME/SHFE COPPER LMESHFCUc3 476.97
LME/SHFE ALUMINIUM LMESHFALc3 -601.3
LME/SHFE ZINC LMESHFZNc3 682.29
LME/SHFE LEAD LMESHFPBc3 -897.67
LME/SHFE NICKEL LMESHFNIc3 2510.86
($1 = 6.7527 Chinese yuan)